As the crypto market continues to ride rough waves, we at NewsBTC decided to throw some questions at OKEx’ team to get a better understanding of how they view these developments and the impact on their own operations.
In a first, the OKEx team got together to paint a clear picture by providing detailed, in-depth responses to our questions. The representatives who participated in the interview include Robbie Liu – Market Analyst at OKEx, Hunain Naseer – Senior Editor at OKEx Insights, Richard Delany – Senior Analyst at OKEx, and Jay Hao, the CEO himself.
Read the interview below.
NewsBTC: Bitcoin has been performing really well for the past few months, and yet experienced a sudden downturn in a matter of hours. What changed?
Robbie Liu, Market Analyst: While the major drop happened in a matter of hours, BTC had lately stalled in terms of price action, failing to conclusively breach and stay above $60,000 for about 10 weeks. This persistent resistance had already put pressure on the bulls, and the recent news developments acted as triggers for bears to enter. The initial decline was a result of market sentiment turning bearish, but it was further worsened as billions worth of over-leveraged longs were liquidated in quick succession.
Besides the high leverage, the meme-coin frenzy had also peaked, drawing capital away from Bitcoin and major cryptocurrencies. This pushed Bitcoin dominance to its lowest level of 40% during this bullish run, while also signaling the market could reverse soon.
NewsBTC: In the recent OKEx Insights report, it was indicated that Coinbase market listing as one of the causal factors for declined interest in BTC. Can you deduce the sentiment behind it?
Hunain Naseer, Senior Editor: The Coinbase listing was a majorly hyped event and acted as a catalyst for BTC to post a new all-time high. However, as is common in the crypto space, and in other speculative markets, traders take positions prior to a major development and take…